UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4269
Van Kampen Trust
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
522 Fifth Avenue, New York, New York 10036
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 8/31
Date of reporting period: 2/29/08
Item 1. Report to Shareholders.
The Fund's semiannual report transmitted to shareholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen Core
Plus Fixed Income Fund performed during the semiannual period. The
portfolio management team will provide an overview of the market
conditions and discuss some of the factors that affected investment
performance during the reporting period. In addition, this report
includes the fund's financial statements and a list of fund investments
as of February 29, 2008.
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A CLASS A, B, AND C
SHARE OR CLASS I SHARE PROSPECTUS FOR THE FUND BEING OFFERED. THE
PROSPECTUS CONTAINS INFORMATION ABOUT THE FUND, INCLUDING THE INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES. TO OBTAIN AN ADDITIONAL
PROSPECTUS, CONTACT YOUR FINANCIAL ADVISOR OR DOWNLOAD ONE AT
VANKAMPEN.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. THERE IS NO ASSURANCE THAT THE FUND WILL ACHIEVE ITS INVESTMENT
OBJECTIVE. THE FUND IS SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY
THAT THE MARKET VALUES OF SECURITIES OWNED BY THE FUND WILL DECLINE AND,
THEREFORE, THE VALUE OF THE FUND SHARES MAY BE LESS THAN WHAT YOU PAID
FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS FUND.
<Table>
<Caption>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
---------------------------------------------------------------------------------------
</Table>
Performance Summary as of 2/29/08
<Table>
<Caption>
A SHARES B SHARES C SHARES I SHARES
since 1/26/2007 since 1/26/07 since 1/26/07 since 1/26/07
- -----------------------------------------------------------------------------------------------------
W/MAX W/MAX W/MAX
4.75% 4.00% 1.00%
AVERAGE ANNUAL W/O SALES SALES W/O SALES SALES W/O SALES SALES W/O SALES
TOTAL RETURNS CHARGES CHARGE CHARGES CHARGE CHARGES CHARGE CHARGES
Since Inception 6.75% 2.08% 6.12% 2.46% 6.59% 6.59% 7.01%
1-year 5.79 -0.81 5.18 1.18 5.69 4.69 6.05
6-months 4.63 -0.36 4.23 0.23 4.49 3.49 4.76
- -----------------------------------------------------------------------------------------------------
30-Day SEC Yield 3.50% 2.98% 2.92% 3.95%
</Table>
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES
SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS AND
PRINCIPAL VALUE WILL FLUCTUATE AND FUND SHARES, WHEN REDEEMED, MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL COST.
The returns shown in this report do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Performance of share classes will vary due to differences in sales charges and
expenses. Average annual total return with sales charges includes payment of the
maximum sales charge of 4.75 percent for Class A shares, a contingent deferred
sales charge of 4.00 percent for Class B shares (in year one and declining to
zero after year five), a contingent deferred sales charge of 1.00 percent for
Class C shares in year one, and combined Rule 12b-1 fees and service fees of up
to 0.25 percent for Class A shares and up to 1.00 percent for Class B and C
shares. Class I shares are available for purchase exclusively by investors
through (i) tax-exempt retirement plans with assets of at least $1 million
(including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit
sharing and money purchase plans, defined benefit plans and nonqualified
deferred compensation plans), (ii) fee-based investment programs with assets of
at least $1 million (iii) qualified state tuition plan (529 plan) accounts, (iv)
institutional clients with assets of at least $1 million and (v) certain Van
Kampen investment companies. Class I shares are offered without any sales
charges on purchases or sales and do not include combined rule 12b-1 fees and
service fees. Figures shown above assume reinvestment of all dividends and
capital gains. The fund's adviser has waived or reimbursed fees and expenses
from time to time; absent such waivers/ reimbursements, the fund's returns would
have been lower. SEC yield is a calculation for determining the amount of
portfolio income, excluding non-income items as prescribed by the SEC. Yields
are subject to change. The fund's adviser has waived or reimbursed fees and
expenses from time to time; absent such waivers/reimbursements, the fund's
returns would have been lower.
The Lehman Brothers U.S. Aggregate Index is an unmanaged, broad-based market
index that covers the U.S. dollar denominated, investment-grade, fixed-rate,
taxable bond market of securities registered with the U.S. Securities and
Exchange Commission (the "SEC", which includes U.S. Treasury,
government-related, corporate, mortgage-backed, asset-backed and commercial
mortgage-backed securities sectors. The index does not include any expenses,
fees or sales charges, which would lower performance. The index is unmanaged and
should not be considered an investment. It is not possible to invest directly in
an index.
1
Fund Report
FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 29, 2008
MARKET CONDITIONS
The market was quite volatile throughout the six-month reporting period as the
residential housing downturn and contagion from the subprime mortgage market
persisted, leading to an ongoing contraction in liquidity and tighter credit
conditions. At the same time, weaker economic indicators released in the last
months of 2007 and early 2008 signaled the likelihood of an impending recession.
Together, these factors led to a prolonged flight to quality as investors
shunned riskier assets.
The Federal Open Market Committee (the "Fed") took various steps to add
liquidity to the financial system in an attempt to ease the ensuing liquidity
crisis and boost the economy, including five reductions in the target federal
funds rate, bringing the rate to 3.0 percent as of February 29, 2008. Although
U.S. Treasury yields fluctuated, the flight to quality pushed Treasury prices
generally higher and yields lower during the period, helping Treasuries to
outperform other fixed income sectors. The short end of the yield curve
experienced the most pronounced declines as Fed rate cuts drove yields there
lower, causing the curve to end the period steeper.
Within the corporate sector, credit spreads widened sharply, bringing spread
levels closer to historical averages. Financials were particularly hard hit as
writedowns on mortgage related securities by major banks and Wall Street firms
hurt the sector's performance. Given the risk-averse environment, higher rated
securities outperformed those with lower ratings. Within the investment-grade
corporate sector, AAA issues outpaced the middle investment grade issues, and
longer-term issues outperformed shorter-dated issues. Within the high yield
corporate sector, medium- and higher-rated issues outperformed the lowest
quality portion of the sector, and intermediate-dated issues outperformed
longer-dated issues.
The mortgage-backed security (MBS) sector continued to struggle, with non-
agency mortgages experiencing the greatest declines. Much of the growth in
mortgage issuance in recent years has been in these non-traditional mortgages,
which offered more lenient borrowing terms and were thus available to a broader
set of borrowers. While this helped fuel both the housing boom and a vibrant
secondary market for these non-agency mortgages, the subprime meltdown cast a
pall across the entire non-agency sector, with little regard for whether or not
the securities or loans in question were subprime or prime. The result was a
further reduction in mortgage market liquidity, as well as a sharp diminishment
in the availability of non-conforming mortgage loans to the general public.
2
PERFORMANCE ANALYSIS
All share classes of Van Kampen Core Plus Fixed Income Fund underperformed the
Lehman Brothers U.S. Aggregate Index for the six months ended February 29, 2008,
assuming no deduction of applicable sales charges.
TOTAL RETURNS FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 29, 2008
<Table>
<Caption>
- -------------------------------------------------------------------
LEHMAN BROTHERS
U.S. AGGREGATE
CLASS A CLASS B CLASS C CLASS I INDEX
4.63% 4.23% 4.49% 4.76% 5.67%
- -------------------------------------------------------------------
</Table>
The performance for the four share classes varies because each has different
expenses. The Fund's total return figures assume the reinvestment of all
distributions, but do not reflect the deduction of any applicable sales charges.
Such costs would lower performance. Past performance is no guarantee of future
results. See Performance Summary for standardized performance information and
index definition.
The primary detractor from the Fund's relative performance for the period was an
overweight versus the Lehman Brothers U.S. Aggregate Index to non-agency
mortgage securities, commercial mortgage-backed securities and asset-backed
securities. As a result of defaults in the subprime market, spreads on all
residential and commercial mortgage-backed products moved wider and market
liquidity for these types of products severely diminished. Although the Fund's
holdings of non-agency MBS underperformed, we note that the majority of them are
backed by prime and near-prime borrowers with good credit scores and favorable
loan-to-value ratios. Asset-backed securities, especially those backed by home
equity lines of credit, were hurt as well. However, the Fund's underweight to
agency mortgage-backed securities relative to the benchmark, coupled with an
emphasis on high coupon, slow prepaying issues, was somewhat additive to
relative performance.
We maintained an underweight corporate position relative to the benchmark, which
contributed positively to relative returns during the period as widening credit
spreads were detrimental to the sector's performance. While we are looking for
areas to take advantage of recent spread widening and add to corporate
positions, we are cautious as we believe the credit market remains vulnerable to
potential credit downgrades and further weakening of the economy.
The Fund's yield curve positioning was also beneficial. During the period we
underweighted longer dated issues and overweighted intermediate dated issues, a
strategy that helped enhance returns.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the Fund in
the future.
3
<Table>
<Caption>
ASSET ALLOCATION AS OF 2/29/08
Mortgage Backed Securities 37.2%
CMOs 30.0
Asset Backed Securities 5.5
Corporate Bonds 5.2
United States Government Obligations 3.5
Foreign Government Obligations 0.0*
-----
Total Long Term Investments 81.4
Purchased Options 0.0*
Total Short-Term Investments 42.0
-----
Total Investments 123.4
Liabilities in Excess of Other Assets (23.4)
-----
Net Assets 100.0%
</Table>
* Amount is less than 0.1%
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the industries shown above. Asset Allocation is as a percentage of
net assets. Van Kampen is a wholly owned subsidiary of a global securities firm
which is engaged in a wide range of financial services including, for example,
securities trading and brokerage activities, investment banking, research and
analysis, financing and financial advisory services.
4
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen fund provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
fund's second and fourth fiscal quarters. The semiannual reports and the
annual reports are filed electronically with the Securities and Exchange
Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen
also delivers the semiannual and annual reports to fund shareholders, and
makes these reports available on its public Web site, www.vankampen.com.
In addition to the semiannual and annual reports that Van Kampen delivers
to shareholders and makes available through the Van Kampen public Web
site, each fund files a complete schedule of portfolio holdings with the
SEC for the fund's first and third fiscal quarters on Form N-Q. Van
Kampen does not deliver the reports for the first and third fiscal
quarters to shareholders, nor are the reports posted to the Van Kampen
public Web site. You may, however, obtain the Form N-Q filings (as well
as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site,
http://www.sec.gov. You may also review and copy them at the SEC's Public
Reference Room in Washington, DC. Information on the operation of the
SEC's Public Reference Room may be obtained by calling the SEC at (800)
SEC-0330. You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SEC's email address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a fund's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
5
HOUSEHOLDING NOTICE
To reduce Fund expenses, the Fund attempts to eliminate duplicate
mailings to the same address. The Fund delivers a single copy of certain
shareholder documents to investors who share an address, even if the
accounts are registered under different names. The Fund's prospectuses
and shareholder reports (including annual privacy notices) will be
delivered to you in this manner indefinitely unless you instruct us
otherwise. You can request multiple copies of these documents by either
calling (800) 341-2911 or writing to Van Kampen Investor Services at P.O.
Box 219286, Kansas City, MO 64121-9286. Once Investor Services has
received your instructions, we will begin sending individual copies for
each account within 30 days.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the Fund's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 847-2424 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the Fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
6
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments of Class A Shares
and contingent deferred sales charges on redemptions of Class B and C Shares;
and redemption fees; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees; and other Fund expenses. This example is
intended to help you understand your ongoing costs (in dollars) of investing in
the Fund and to compare these costs with the ongoing costs of investing in other
mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period 9/1/07 - 2/29/08.
ACTUAL EXPENSE
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing cost of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or contingent deferred sales charges or redemption fees.
Therefore, the second line of the table is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
------------------------------------------------
9/1/07 2/29/08 9/1/07-2/29/08
Class A
Actual...................................... $1,000.00 $1,046.34 $3.82
Hypothetical................................ 1,000.00 1,021.13 3.77
(5% annual return before expenses)
Class B
Actual...................................... 1,000.00 1,042.33 7.62
Hypothetical................................ 1,000.00 1,017.40 7.52
(5% annual return before expenses)
Class C
Actual...................................... 1,000.00 1,044.86 6.46
Hypothetical................................ 1,000.00 1,018.55 6.37
(5% annual return before expenses)
Class I
Actual...................................... 1,000.00 1,047.62 2.55
Hypothetical................................ 1,000.00 1,022.38 2.51
(5% annual return before expenses)
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.50%,
1.27%, and 0.50%, for Class A, B, C, and I Shares, respectively, multiplied
by the average account value over the period, multiplied by 182/366 (to
reflect the one-half year period). These expense ratios reflect an expense
waiver. The expense ratio of Class C Shares reflects actual 12b-1 fees of
less than 1%.
Assumes all dividends and distributions were reinvested.
7
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED)
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MORTGAGE BACKED SECURITIES 37.2%
$ 8,825 Federal Home Loan Mortgage Corp.,
March (e)............................ 5.000% TBA $ 8,688,486
7,375 Federal Home Loan Mortgage Corp.,
April (e)............................ 5.000 TBA 7,247,088
361 Federal Home Loan Mortgage Corp.
(a).................................. 5.324 04/01/37 368,106
21,338 Federal Home Loan Mortgage Corp. .... 5.500 04/01/37 to 11/01/37 21,475,048
12,200 Federal Home Loan Mortgage Corp.,
March (e)............................ 5.500 TBA 12,270,528
113 Federal Home Loan Mortgage Corp.
(a).................................. 5.613 04/01/37 116,177
162 Federal Home Loan Mortgage Corp.
(a).................................. 5.698 01/01/37 164,312
291 Federal Home Loan Mortgage Corp.
(a).................................. 5.733 01/01/37 298,367
341 Federal Home Loan Mortgage Corp.
(a).................................. 5.839 10/01/36 351,652
233 Federal Home Loan Mortgage Corp.
(a).................................. 5.869 04/01/37 239,841
71 Federal Home Loan Mortgage Corp.
(a).................................. 5.965 01/01/37 72,520
4,579 Federal Home Loan Mortgage Corp. .... 6.000 05/01/37 to 08/01/37 4,680,359
16,500 Federal Home Loan Mortgage Corp.,
March (e)............................ 6.000 TBA 16,853,199
434 Federal Home Loan Mortgage Corp. .... 7.000 06/01/32 460,423
1,352 Federal Home Loan Mortgage Corp. .... 7.500 08/01/29 to 06/01/32 1,463,005
222 Federal Home Loan Mortgage Corp. .... 8.000 01/01/31 241,184
5,000 Federal National Mortgage
Association, March (e)............... 4.500 TBA 5,003,125
527 Federal National Mortgage Association
(a).................................. 4.507 11/01/33 541,085
400 Federal National Mortgage Association
(a).................................. 4.735 06/01/36 406,536
394 Federal National Mortgage
Association.......................... 5.000 06/01/37 388,646
400 Federal National Mortgage
Association, April (e)............... 5.000 TBA 393,188
4,800 Federal National Mortgage
Association, March (e)............... 5.000 TBA 4,853,251
419 Federal National Mortgage Association
(a).................................. 5.124 11/01/35 426,501
473 Federal National Mortgage Association
(a).................................. 5.248 03/01/37 479,362
485 Federal National Mortgage Association
(a).................................. 5.489 04/01/37 502,204
</Table>
8 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
MORTGAGE BACKED SECURITIES (CONTINUED)
$ 450 Federal National Mortgage
Association, April (e)............... 5.500% TBA $ 451,758
7,250 Federal National Mortgage
Association, March (e)............... 5.500 TBA 7,291,912
504 Federal National Mortgage Association
(a).................................. 5.813 05/01/37 523,211
105 Federal National Mortgage Association
(a).................................. 5.969 04/01/37 109,184
636 Federal National Mortgage
Association.......................... 6.500 12/01/31 to 10/01/32 663,953
4,450 Federal National Mortgage
Association, March (e)............... 6.500 TBA 4,612,007
288 Federal National Mortgage Association
(a).................................. 6.581 10/01/35 296,712
326 Federal National Mortgage Association
(a).................................. 6.658 03/01/36 332,948
2,068 Federal National Mortgage
Association.......................... 7.000 01/01/24 to 06/01/35 2,201,255
1,100 Federal National Mortgage
Association, March (e)............... 7.000 TBA 1,157,750
119 Federal National Mortgage
Association.......................... 7.500 12/01/30 to 09/01/32 128,854
49 Federal National Mortgage
Association.......................... 8.000 06/01/30 to 01/01/32 53,585
13 Federal National Mortgage
Association.......................... 8.500 06/01/30 to 08/01/30 14,335
13 Federal National Mortgage
Association.......................... 9.000 08/01/25 14,839
148 Federal National Mortgage
Association.......................... 10.000 10/01/18 to 11/01/18 174,761
28 Federal National Mortgage
Association.......................... 10.500 03/01/18 33,639
112 Government National Mortgage
Association.......................... 11.000 03/15/16 to 03/15/18 129,320
------------
TOTAL MORTGAGE BACKED SECURITIES 37.2%.............................. 106,174,216
------------
COLLATERALIZED MORTGAGE OBLIGATIONS 30.0%
737 Alliance Bancorp Trust (a)........... 3.375 07/25/37 636,452
675 American Home Mortgage Assets (a).... 3.260 03/25/47 574,340
1,725 American Home Mortgage Assets (a).... 3.325 10/25/46 to 06/25/47 1,485,771
1,940 American Home Mortgage Assets (a).... 3.365 05/25/46 to 09/25/46 1,521,585
454 American Home Mortgage Assets (a).... 3.395 10/25/46 369,292
213 American Home Mortgage Assets (a).... 3.435 06/25/47 152,462
80 American Home Mortgage Assets (a).... 3.445 10/25/46 56,816
</Table>
See Notes to Financial Statements 9
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 2,904 American Home Mortgage Investment
Trust (a)............................ 3.325% 03/25/46 to 05/25/47 $ 2,471,310
749 American Home Mortgage Investment
Trust (a)............................ 3.435 09/25/45 to 03/25/46 570,948
775 Banc of America Commercial Mortgage,
Inc. ................................ 5.414 09/10/47 740,695
900 Banc of America Commercial Mortgage,
Inc. ................................ 5.492 02/10/51 845,684
1,200 Banc of America Commercial Mortgage,
Inc. (c)............................. 5.659 06/10/49 1,149,379
800 Banc of America Commercial Mortgage,
Inc. (c)............................. 5.688 04/10/49 771,602
950 Banc of America Commercial Mortgage,
Inc. (c)............................. 5.745 07/10/17 916,172
750 Bear Stearns Commercial Mortgage
Securities (c)....................... 5.694 06/11/50 715,570
100 Bear Stearns Commercial Mortgage
Securities (c)....................... 5.713 06/11/40 96,383
193 Bear Stearns Mortgage Funding Trust
(a).................................. 3.275 03/25/37 164,428
571 Bear Stearns Mortgage Funding Trust
(a).................................. 3.295 12/25/36 494,845
670 Bear Stearns Mortgage Funding Trust
(a).................................. 3.305 03/25/37 574,768
601 Bear Stearns Mortgage Funding Trust
(a).................................. 3.315 03/25/36 508,329
780 Bear Stearns Mortgage Funding Trust
(a).................................. 3.335 09/25/36 to 03/25/37 659,946
1,254 Bear Stearns Mortgage Funding Trust
(a).................................. 3.345 07/25/36 to 12/25/46 1,012,247
160 Bear Stearns Mortgage Funding Trust
(a).................................. 3.385 07/25/36 118,134
12,041 Bear Stearns Structured Products,
Inc. (b) (d)......................... * 06/26/36 to 04/25/37 254,845
775 Citigroup Commercial Mortgage Trust.. 5.431 10/15/49 738,444
800 Citigroup Commercial Mortgage Trust
(c).................................. 5.700 12/10/49 770,090
775 Citigroup/Deutsche Bank Commercial
Mortgage Trust (c)................... 5.886 11/15/44 749,087
975 Commercial Mortgage Pass-Through
Certificates (c)..................... 5.816 12/10/49 945,306
1,409 Countrywide Alternative Loan Trust
(d).................................. * 12/20/46 71,749
2,967 Countrywide Alternative Loan Trust
(b).................................. * 02/25/47 to 05/25/47 78,047
</Table>
10 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 1,729 Countrywide Alternative Loan Trust
(c) (d).............................. 2.000% 04/25/47 $ 73,736
2,292 Countrywide Alternative Loan Trust
(a).................................. 3.275 07/25/46 to 04/25/47 2,057,494
236 Countrywide Alternative Loan Trust
(a).................................. 3.305 05/25/47 203,182
2,039 Countrywide Alternative Loan Trust
(a).................................. 3.315 06/25/47 1,742,645
485 Countrywide Alternative Loan Trust
(a).................................. 3.324 03/20/46 to 09/20/46 398,069
266 Countrywide Alternative Loan Trust
(a).................................. 3.325 08/25/46 to 11/25/46 228,840
248 Countrywide Alternative Loan Trust
(a).................................. 3.345 02/25/47 206,018
467 Countrywide Alternative Loan Trust
(a).................................. 3.365 08/25/46 to 06/25/47 378,862
1,416 Countrywide Alternative Loan Trust
(a).................................. 3.385 10/25/46 1,165,458
155 Countrywide Alternative Loan Trust
(a).................................. 3.404 11/20/35 150,607
1,218 Countrywide Alternative Loan Trust
(a).................................. 3.405 07/25/46 to 12/25/46 918,039
827 Countrywide Alternative Loan Trust
(a).................................. 3.414 03/20/46 to 12/20/46 657,263
1,244 Countrywide Alternative Loan Trust
(a).................................. 3.424 03/20/46 1,001,309
195 Countrywide Alternative Loan Trust
(a).................................. 3.425 06/25/47 172,834
2,127 Countrywide Alternative Loan Trust
(a).................................. 3.435 12/25/35 to 05/25/47 1,771,182
565 Countrywide Alternative Loan Trust
(a).................................. 3.454 05/20/46 408,235
582 Countrywide Alternative Loan Trust
(a).................................. 3.474 03/20/46 440,824
780 Countrywide Alternative Loan Trust
(a).................................. 3.635 06/25/47 553,241
230 Countrywide Alternative Loan Trust
(a).................................. 4.314 11/20/35 194,218
198 Countrywide Alternative Loan Trust
(a).................................. 6.022 11/25/35 180,500
2,062 Countrywide Alternative Loan Trust
(a).................................. 6.222 02/25/36 1,906,748
88 Countrywide Alternative Loan Trust
(a).................................. 6.562 11/25/35 88,423
175 Countrywide Home Loans (a)........... 3.405 04/25/35 to 04/25/46 150,492
</Table>
See Notes to Financial Statements 11
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 350 Credit Suisse Mortgage Capital
Certificates (c)..................... 5.723% 06/15/39 $ 337,185
1,534 Deutsche Alternative-A Securities,
Inc. Alternate Loan Trust (a)........ 3.285 02/25/47 1,305,475
156 Deutsche Alternative-A Securities,
Inc. Alternate Loan Trust (a)........ 5.492 02/25/47 117,195
31 Deutsche Alternative-A Securities,
Inc. NIM Trust (Cayman Islands)
(b).................................. 6.750 02/25/47 30,064
250 DSLA Mortgage Loan Trust (a)......... 3.259 04/19/38 215,167
182 DSLA Mortgage Loan Trust (a)......... 3.299 04/19/38 144,958
1,386 DSLA Mortgage Loan Trust (a)......... 3.319 11/19/37 1,186,655
75 DSLA Mortgage Loan Trust (a)......... 3.419 08/19/45 66,116
630 DSLA Mortgage Loan Trust (a)......... 5.462 04/19/47 610,072
2,711 Federal National Mortgage Association
(REMIC) (d).......................... 3.003 03/25/36 85,506
268 Greenpoint Mortgage Funding Trust
(a).................................. 3.305 04/25/47 232,376
529 Greenpoint Mortgage Funding Trust
(a).................................. 3.315 01/26/37 468,402
814 Greenpoint Mortgage Funding Trust
(a).................................. 3.335 03/25/47 707,806
505 Greenpoint Mortgage Funding Trust
(a).................................. 3.425 02/25/36 440,370
116 Greenpoint Mortgage Funding Trust
(a).................................. 3.455 03/25/36 90,604
578 Greenpoint Mortgage Funding Trust
(a).................................. 6.522 03/25/36 551,922
150 Greenwich Capital Commercial Funding
Corp. ............................... 5.444 03/10/39 141,661
875 Greenwich Capital Commercial Funding
Corp. ............................... 5.736 12/10/49 837,310
52 GS Mortgage Securities Corp. (b)..... 6.250 01/25/37 51,039
950 GS Mortgage Securities Corp. II
(c).................................. 5.799 08/10/45 920,477
107 GSR Mortgage Loan Trust (a).......... 3.395 08/25/46 90,949
104 Harborview Mortgage Loan Trust (a)... 3.209 01/19/38 99,437
825 Harborview Mortgage Loan Trust (a)... 3.265 04/19/38 719,064
407 Harborview Mortgage Loan Trust (a)... 3.269 03/19/38 345,586
2,286 Harborview Mortgage Loan Trust (a)... 3.299 11/19/36 1,969,266
2,404 Harborview Mortgage Loan Trust (a)... 3.309 01/19/38 2,063,856
128 Harborview Mortgage Loan Trust (a)... 3.315 04/19/38 106,554
2,853 Harborview Mortgage Loan Trust (a)... 3.319 10/19/37 to 03/19/38 2,422,457
655 Harborview Mortgage Loan Trust (a)... 3.329 11/19/36 562,755
75 Harborview Mortgage Loan Trust (a)... 3.349 07/19/46 58,837
309 Harborview Mortgage Loan Trust (a)... 3.359 11/19/36 260,538
480 Harborview Mortgage Loan Trust (a)... 3.361 08/21/46 382,393
352 Harborview Mortgage Loan Trust (a)... 3.369 01/19/38 to 08/19/46 278,023
</Table>
12 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 1,721 Harborview Mortgage Loan Trust (a)... 3.399% 11/19/36 $ 1,455,668
109 Harborview Mortgage Loan Trust (a)... 3.459 01/19/36 91,723
86 Harborview Mortgage Loan Trust (a)... 3.479 02/19/36 75,245
450 Harborview Mortgage Loan Trust (a)... 3.499 11/19/35 362,132
98 Harborview Mortgage Loan Trust (a)... 3.564 06/20/35 86,958
442 Harborview Mortgage Loan Trust (a)... 6.522 10/19/35 407,136
69 Harborview NIM Corp. (b)............. 6.409 03/19/37 to 03/19/38 69,025
448 Indymac Index Mortgage Loan Trust
(a).................................. 3.235 02/25/37 413,188
303 Indymac Index Mortgage Loan Trust
(a).................................. 3.345 11/25/36 257,413
665 Indymac Index Mortgage Loan Trust
(a).................................. 3.385 06/25/47 542,559
98 Indymac Index Mortgage Loan Trust
(a).................................. 3.415 03/25/35 87,793
950 JP Morgan Chase Commercial Mortgage
Securities Corp. .................... 5.440 06/12/47 895,550
950 JP Morgan Chase Commercial Mortgage
Securities Corp. (c)................. 5.747 02/12/49 915,315
850 JP Morgan Chase Commercial Mortgage
Securities Corp. (c)................. 5.794 02/12/51 816,398
950 JP Morgan Chase Commercial Mortgage
Securities Corp. (c)................. 5.819 06/15/49 920,922
875 LB Commercial Conduit Mortgage Trust
(c).................................. 5.936 07/15/44 856,331
800 LB-UBS Commercial Mortgage Trust..... 5.156 02/15/31 755,219
950 LB-UBS Commercial Mortgage Trust..... 5.430 02/15/40 894,788
800 LB-UBS Commercial Mortgage Trust
(c).................................. 5.858 07/15/40 773,543
950 LB-UBS Commercial Mortgage Trust
(c).................................. 5.866 09/15/45 917,217
268 Luminent Mortgage Trust (a).......... 3.335 10/25/46 229,154
167 Luminent Mortgage Trust (a).......... 3.355 12/25/36 135,574
89 Luminent Mortgage Trust (a).......... 3.365 05/25/46 74,219
404 Luminent Mortgage Trust (a).......... 3.375 04/25/36 344,998
137 Luminent Mortgage Trust (a).......... 3.385 09/25/35 112,671
273 Luminent Mortgage Trust (a).......... 3.415 02/25/46 228,441
66 Mastr Adjustable Rate Mortgages Trust
(a).................................. 3.245 05/25/47 64,961
172 Mastr Adjustable Rate Mortgages Trust
(a).................................. 3.385 04/25/46 140,490
791 Mastr Adjustable Rate Mortgages Trust
(a).................................. 5.462 04/25/46 563,481
73 MortgageIT Trust (a)................. 3.415 04/25/36 61,436
</Table>
See Notes to Financial Statements 13
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 3,509 Residential Accredit Loans, Inc.
(b).................................. * 03/25/47 to 05/25/47 $ 86,893
237 Residential Accredit Loans, Inc.
(a).................................. 3.275% 03/25/37 200,485
3,400 Residential Accredit Loans, Inc.
(a).................................. 3.295 01/25/37 to 03/25/47 3,176,224
598 Residential Accredit Loans, Inc.
(a).................................. 3.325 12/25/36 to 02/25/37 502,827
1,100 Residential Accredit Loans, Inc.
(a).................................. 3.335 01/25/37 to 05/25/47 940,209
1,660 Residential Accredit Loans, Inc.
(a).................................. 3.365 04/25/46 to 06/25/46 1,322,841
1,872 Residential Accredit Loans, Inc.
(a).................................. 3.395 06/25/37 to 02/25/46 1,504,748
1,399 Residential Accredit Loans, Inc.
(a).................................. 3.405 02/25/46 1,195,797
78 Residential Accredit Loans, Inc.
(a).................................. 3.535 10/25/45 66,129
171 Structured Adjustable Rate Mortgage
Loan Trust (a)....................... 3.445 07/25/35 151,647
923 Structured Asset Mortgage
Investments, Inc. (a)................ 3.315 09/25/47 816,554
504 Structured Asset Mortgage
Investments, Inc. (a)................ 3.325 02/25/36 to 02/25/37 414,592
707 Structured Asset Mortgage
Investments, Inc. (a)................ 3.335 10/25/36 610,522
787 Structured Asset Mortgage
Investments, Inc. (a)................ 3.345 01/25/37 666,141
1,547 Structured Asset Mortgage
Investments, Inc. (a)................ 3.365 07/25/36 to 08/25/36 1,264,349
57 Structured Asset Mortgage
Investments, Inc. (a)................ 3.395 05/25/46 45,929
82 Structured Asset Mortgage
Investments, Inc. (a)................ 3.415 07/25/36 58,289
142 Structured Asset Mortgage
Investments, Inc. (a)................ 3.445 02/25/36 116,361
171 Structured Asset Mortgage
Investments, Inc. (a)................ 3.576 01/25/37 138,014
93 Structured Asset Mortgage
Investments, Inc. (a)................ 3.646 04/25/36 77,173
100 Wachovia Bank Commercial Mortgage
Trust................................ 5.342 12/15/43 93,535
750 Wachovia Bank Commercial Mortgage
Trust................................ 5.678 05/15/46 715,844
750 Wachovia Bank Commercial Mortgage
Trust (c)............................ 5.741 06/15/49 720,875
150 Wachovia Bank Commercial Mortgage
Trust (c)............................ 5.903 02/15/51 146,696
14,929 Washington Mutual Mortgage
Pass-Through Certificates (d)........ * 01/25/45 to 03/25/47 205,043
153 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.315 01/25/47 123,416
61 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.325 07/25/46 52,938
</Table>
14 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 512 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.335% 02/25/47 $ 414,800
150 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.385 11/25/45 to 12/25/45 146,962
94 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.415 07/25/46 66,940
693 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.425 11/25/46 492,526
90 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.495 07/25/45 to 10/25/45 77,522
225 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 3.726 06/25/46 162,371
522 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 5.462 04/25/46 to 05/25/46 500,675
1,275 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 5.522 08/25/46 1,219,014
103 Washington Mutual Mortgage
Pass-Through Certificates (a)........ 6.112 10/25/45 97,916
127 World Financial Properties (b)....... 6.910 09/01/13 124,918
214 Zuni Mortgage Loan Trust (a)......... 3.265 08/25/36 204,710
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 30.0%..................... 85,634,993
------------
ASSET BACKED SECURITIES 5.5%
87 ACE Securities Corp. (a)............. 3.455 05/25/34 82,579
125 American Express Credit Account
Master Trust (a)..................... 3.121 10/15/12 123,220
172 Argent Securities, Inc. (a).......... 3.585 04/25/34 158,223
150 Capital Auto Receivables Asset Trust
(a).................................. 3.131 11/15/11 148,624
2,350 Capital Auto Receivables Asset Trust
(a).................................. 3.181 07/15/10 to 05/15/11 2,331,366
625 Capital One Multi-Asset Execution
Trust................................ 5.750 07/15/20 607,422
111 Carrington Mortgage Loan Trust (a)... 3.255 02/25/37 104,592
150 Citibank Credit Card Issuance Trust
(a).................................. 4.874 03/22/12 148,070
970 Citibank Credit Card Issuance
Trust................................ 5.650 09/20/19 961,399
683 Citigroup Mortgage Loan Trust, Inc.
(a).................................. 3.205 01/25/37 654,462
99 Countrywide Asset-
Backed Certificates (a).............. 3.335 07/25/34 to 07/25/35 98,394
413 Countrywide Asset-
Backed Certificates (a).............. 3.525 11/25/34 365,058
</Table>
See Notes to Financial Statements 15
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES (CONTINUED)
$ 498 Countrywide Asset-Backed Certificates
(a).................................. 4.176% 06/25/33 $ 489,736
144 Credit Based Asset Servicing and
Securitization LLC (a)............... 3.446 01/25/37 139,394
700 Discover Card Master Trust........... 5.650 03/16/20 689,883
138 First Franklin Mortgage Loan
Certificates (a)..................... 3.185 03/25/37 131,982
1,800 Ford Credit Auto Owner Trust (a)..... 3.131 04/15/10 1,794,228
1,400 Ford Credit Auto Owner Trust (a)..... 3.721 07/15/10 1,399,312
125 GSAMP Trust (a)...................... 3.205 01/25/37 118,272
151 GSAMP Trust (a)...................... 3.255 03/25/47 140,324
86 Indymac Residential Asset Backed
Trust (a)............................ 3.265 04/25/37 82,672
99 Lehman XS Trust (a).................. 3.435 02/25/46 90,573
15 Long Beach Mortgage Loan Trust (a)... 3.225 01/25/46 14,859
79 Nationstar Home Equity Loan Trust
(a).................................. 3.835 09/25/36 78,572
61 New Century Home Equity Loan Trust
(a).................................. 3.505 08/25/34 57,661
1,100 Nissan Auto Receivables Owner Trust
(a).................................. 3.621 05/17/10 1,100,032
84 Novastar Home Equity Loan (a)........ 3.205 11/25/36 83,112
731 Provident Bank Home Equity Loan Trust
(a).................................. 3.675 08/25/31 558,975
123 Residential Asset Mortgage Products,
Inc. (a)............................. 3.205 02/25/37 119,682
280 Residential Asset Mortgage Products,
Inc. (a)............................. 3.395 03/25/32 274,205
97 Residential Asset Securities Corp.
(a).................................. 3.245 04/25/37 90,768
118 Securitized Asset Backed Receivables
LLC (a).............................. 3.245 02/25/37 108,602
553 Securitized Asset Backed Receivables
LLC (a).............................. 3.265 05/25/37 532,219
139 SLM Student Loan Trust (a)........... 3.321 10/27/14 138,388
119 Soundview Home Equity Loan Trust
(a).................................. 3.215 06/25/37 112,732
613 Soundview Home Equity Loan Trust
(a).................................. 3.245 02/25/37 568,023
42 Specialty Underwriting & Residential
Finance (a).......................... 3.646 05/25/35 36,530
72 Structured Asset Investment Loan
Trust (a)............................ 3.505 11/25/33 70,022
91 Structured Asset Securities Corp.
(a).................................. 3.225 02/25/37 88,115
</Table>
16 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES (CONTINUED)
$ 116 Structured Asset Securities Corp. (a)
(b).................................. 3.255% 01/25/37 $ 105,039
554 Structured Asset Securities Corp.
(a).................................. 3.466 06/25/37 531,706
59 Terwin Mortgage Trust (a) (b)........ 3.245 04/25/37 58,040
125 TXU Electric Delivery Transition Bond
Company.............................. 4.810 11/17/14 128,320
------------
TOTAL ASSET BACKED SECURITIES 5.5%................................... 15,715,387
------------
CORPORATE BONDS 5.2%
AUTOMOTIVE 0.0%
40 ArvinMeritor, Inc. .................. 8.750 03/01/12 36,600
30 DaimlerChrysler NA LLC............... 8.500 01/18/31 36,615
------------
73,215
------------
BANKING 0.7%
655 Bank of America Corp. ............... 5.750 12/01/17 670,599
205 Citigroup, Inc. ..................... 5.875 05/29/37 182,099
50 MBNA Corp. (a)....................... 3.525 05/05/08 50,045
55 Nationwide Building Society
(United Kingdom) (b)................. 4.250 02/01/10 56,327
600 Unicredito Luxembourg Finance, SA
(Luxembourg) (a) (b)................. 3.767 10/24/08 599,310
160 Wachovia Capital Trust III (c)....... 5.800 08/29/49 126,082
300 Wells Fargo Co. ..................... 5.625 12/11/17 311,743
------------
1,996,205
------------
BROKERAGE 1.1%
320 Bear Stearns Co., Inc. .............. 5.550 01/22/17 278,520
305 Bear Stearns Co., Inc. .............. 7.250 02/01/18 296,417
585 Credit Suisse NY (Switzerland)....... 6.000 02/15/18 598,061
480 Goldman Sachs Group, Inc. ........... 6.750 10/01/37 449,512
490 Lehman Brothers Holdings, Inc. ...... 5.750 01/03/17 461,323
425 Lehman Brothers Holdings, Inc. ...... 6.500 07/19/17 420,842
395 Lehman Brothers Holdings, Inc. ...... 6.875 07/17/37 376,641
215 Merrill Lynch & Co., Inc. ........... 6.110 01/29/37 180,465
------------
3,061,781
------------
DIVERSIFIED MANUFACTURING 0.4%
70 Brookfield Asset Management, Inc.
(Canada)............................. 5.800 04/25/17 68,996
50 Brookfield Asset Management, Inc.
(Canada)............................. 8.125 12/15/08 51,391
1,050 General Electric Co. ................ 5.250 12/06/17 1,055,824
75 Honeywell International, Inc. ....... 5.300 03/01/18 77,137
------------
1,253,348
------------
</Table>
See Notes to Financial Statements 17
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
ELECTRIC 0.3%
$ 10 Appalachian Power Co. ............... 5.650% 08/15/12 $ 10,534
40 Arizona Public Service Co. .......... 5.800 06/30/14 40,301
50 Consumers Energy Co. ................ 4.400 08/15/09 50,581
35 Detroit Edison Co. .................. 6.125 10/01/10 37,449
100 Entergy Gulf States, Inc. (a)........ 3.490 12/01/09 97,780
50 Entergy Gulf States, Inc. ........... 3.600 06/01/08 49,822
190 Entergy Gulf States, Inc. (a) (b).... 5.896 12/08/08 190,499
75 NiSource Finance Corp. .............. 7.875 11/15/10 81,878
25 Ohio Edison Co. ..................... 6.400 07/15/16 25,888
55 Ohio Power Co., Ser K................ 6.000 06/01/16 57,147
145 Peco Energy Co. (e).................. 5.350 03/01/18 149,009
45 Union Electric Co. .................. 6.400 06/15/17 47,891
------------
838,779
------------
FOOD/BEVERAGE 0.4%
255 Archer Daniels Midland Co. .......... 5.450 03/15/18 257,851
40 ConAgra Foods, Inc. ................. 7.000 10/01/28 41,304
165 ConAgra Foods, Inc. ................. 8.250 09/15/30 190,587
40 FBG Finance, Ltd. (Australia) (b).... 5.125 06/15/15 39,925
400 Miller Brewing Co. (b)............... 4.250 08/15/08 401,485
30 Pilgrim's Pride Corp. ............... 7.625 05/01/15 28,800
50 Yum! Brands, Inc. ................... 8.875 04/15/11 56,274
------------
1,016,226
------------
HEALTH CARE 0.1%
305 UnitedHealth Group, Inc. ............ 6.000 02/15/18 309,883
------------
INTEGRATED ENERGY 0.1%
50 Consumers Energy Co. ................ 4.000 05/15/10 50,505
120 Husky Oil, Ltd. (Canada) (c)......... 8.900 08/15/28 122,181
245 Marathon Oil Corp. .................. 6.000 10/01/17 252,997
------------
425,683
------------
LIFE INSURANCE 0.1%
25 Platinum Underwriters Finance,
Inc. ................................ 7.500 06/01/17 25,563
140 Prudential Financial, Inc. .......... 6.625 12/01/37 139,621
------------
165,184
------------
MEDIA-CABLE 0.1%
30 Comcast Cable Communications,
Inc. ................................ 7.125 06/15/13 32,393
20 Comcast Corp. ....................... 6.500 01/15/15 20,890
25 Echostar DBS Corp. .................. 6.625 10/01/14 24,125
75 Time Warner, Inc. (a)................ 3.300 11/13/09 72,554
------------
149,962
------------
MEDIA-NONCABLE 0.1%
40 Interpublic Group of Cos., Inc. ..... 6.250 11/15/14 32,200
275 Viacom, Inc. ........................ 6.875 04/30/36 263,735
------------
295,935
------------
</Table>
18 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
NONCAPTIVE-CONSUMER FINANCE 0.1%
$ 35 American General Finance Corp. ...... 4.625% 05/15/09 $ 35,008
15 Household Finance Corp. ............. 6.375 10/15/11 15,770
115 Household Finance Corp. ............. 8.000 07/15/10 124,932
40 SLM Corp. ........................... 4.000 01/15/10 36,647
------------
212,357
------------
NONCAPTIVE-DIVERSIFIED FINANCE 0.0%
40 Capmark Financial Group, Inc. (b).... 5.875 05/10/12 27,115
20 Capmark Financial Group, Inc. (b).... 6.300 05/10/17 13,108
------------
40,223
------------
PHARMACEUTICALS 0.2%
315 Biogen Idec, Inc. ................... 6.875 03/01/18 320,109
55 Hospira, Inc. (a).................... 5.310 03/30/10 53,820
150 Wyeth................................ 5.450 04/01/17 155,035
70 Wyeth................................ 5.500 02/15/16 72,102
------------
601,066
------------
PIPELINES 0.1%
15 CenterPoint Energy Resources
Corp. ............................... 6.250 02/01/37 14,259
10 CenterPoint Energy Resources
Corp. ............................... 7.875 04/01/13 11,337
170 Colorado Interstate Gas Co. ......... 6.800 11/15/15 179,862
55 Kinder Morgan Finance Co. (Canada)... 5.700 01/05/16 51,425
45 Plains All American Pipeline......... 6.700 05/15/36 44,740
25 Texas Eastern Transmission Corp. .... 7.000 07/15/32 26,310
------------
327,933
------------
PROPERTY & CASUALTY INSURANCE 0.3%
730 AIG SunAmerica Global Financing VI
(b).................................. 6.300 05/10/11 774,620
100 Farmers Exchange Capital (b)......... 7.050 07/15/28 93,664
------------
868,284
------------
RAILROADS 0.0%
60 Union Pacific Corp. ................. 5.450 01/31/13 62,461
------------
RETAILERS 0.1%
55 CVS Caremark Corp. .................. 5.750 06/01/17 56,846
44 CVS Lease Pass Through Trust (b)..... 6.036 12/10/28 42,396
70 Home Depot, Inc. (a)................. 5.116 12/16/09 67,394
------------
166,636
------------
SUPERMARKETS 0.0%
55 Delhaize America, Inc. .............. 9.000 04/15/31 66,972
15 Kroger Co. .......................... 6.400 08/15/17 15,955
------------
82,927
------------
</Table>
See Notes to Financial Statements 19
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------
TECHNOLOGY 0.2%
$ 265 Fiserv, Inc. ........................ 6.800% 11/20/17 $ 280,898
120 Hewlett-Packard Co. (e).............. 5.500 03/01/18 124,338
90 LG Electronics, Inc. (South Korea)
(b).................................. 5.000 06/17/10 89,009
------------
494,245
------------
WIRELINE 0.8%
580 AT&T Corp. .......................... 8.000 11/15/31 693,448
285 France Telecom, SA (France).......... 8.500 03/01/31 364,078
200 Sprint Capital Corp. ................ 8.750 03/15/32 156,329
155 Sprint Nextel Corp. ................. 6.000 12/01/16 113,326
65 Telecom Italia Capital
(Luxembourg)......................... 4.875 10/01/10 65,795
335 Telecom Italia Capital
(Luxembourg)......................... 4.950 09/30/14 318,999
225 Telefonica Europe BV (Netherlands)... 8.250 09/15/30 270,140
340 Verizon Communications, Inc. ........ 5.500 02/15/18 341,928
------------
2,324,043
------------
TOTAL CORPORATE BONDS 5.2%.......................................... 14,766,376
------------
UNITED STATES GOVERNMENT OBLIGATIONS 3.5%
7,800 United States Treasury Bond.......... 4.500 02/15/36 7,901,767
1,200 United States Treasury Bond.......... 5.375 02/15/31 1,367,532
700 United States Treasury Bond.......... 6.125 08/15/29 867,672
------------
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS........................... 10,136,971
------------
FOREIGN GOVERNMENT OBLIGATIONS 0.0%
ARS 43 Argentina International Government
Bond (Argentina)..................... 8.280 12/31/33 37,721
MXN 700 Mexico United Mexican States
(Mexico)............................. 9.500 12/18/14 72,503
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS 0.0%........................... 110,224
------------
TOTAL LONG-TERM INVESTMENTS 81.4%
(Cost $238,182,472)................................................ 232,538,167
------------
</Table>
<Table>
<Caption>
EXPIRATION EXERCISE
DESCRIPTION CONTRACTS DATE PRICE VALUE
- ------------------------------------------------------------------------------------------
PURCHASED OPTIONS 0.0%
90-day EuroDollar Futures Put,
March, 2008........................... 102 03/22/08 94.750 $ 638
90-day EuroDollar Futures Put,
March, 2008........................... 17 03/22/08 94.500 106
------------
TOTAL PURCHASED OPTIONS
(Cost $26,452)........................................................... 744
------------
</Table>
20 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
DESCRIPTION VALUE
- --------------------------------------------------------------------------
SHORT-TERM INVESTMENTS 42.0%
REPURCHASE AGREEMENTS 9.7%
Banc of America Securities ($11,105,319 par collateralized
by
U.S. Government obligations in a pooled cash account,
interest rate of 3.16%,
dated 02/29/08, to be sold on 03/03/08 at $11,108,243)..... 11,105,319
Citigroup Global Markets, Inc. ($9,871,394 par
collateralized by
U.S. Government obligations in a pooled cash account,
interest rate of 3.05%,
dated 02/29/08, to be sold on 03/03/08 at $9,873,904)...... 9,871,394
State Street Bank & Trust Co. ($6,750,287 par collateralized
by
U.S. Government obligations in a pooled cash account,
interest rate of 2.66%,
dated 02/29/08, to be sold on 03/03/08 at $6,751,783)...... 6,750,287
------------
TOTAL REPURCHASE AGREEMENTS................................. 27,727,000
------------
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS 30.2%
Federal Home Loan Bank Discount Notes ($7,700,000 par,
yielding 2.350%, 03/07/08 maturity)........................ 7,697,967
Federal Home Loan Bank Discount Notes ($8,300,000 par,
yielding 2.350%, 03/05/08 maturity)........................ 8,298,904
United States Treasury Bill ($385,000 par, yielding 1.750%,
04/10/08 maturity) (f)..................................... 383,819
United States Treasury Bill ($24,000,000 par, yielding
1.750%, 03/13/08 maturity)................................. 23,981,760
United States Treasury Bill ($22,000,000 par, yielding
1.750%, 03/20/08 maturity)................................. 21,973,875
United States Treasury Bill ($24,000,000 par, yielding
1.750%, 04/17/08 maturity)................................. 23,928,560
------------
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS........... 86,264,885
------------
CERTIFICATE OF DEPOSIT 2.1%
Barclays Bank PLC ($5,800,000 par, yielding 5.250%, 03/04/08
maturity).................................................. 5,800,000
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $119,791,885)........................................ 119,791,885
TOTAL INVESTMENTS 123.4%
(Cost $358,000,809)........................................ $352,330,796
LIABILITIES IN EXCESS OF OTHER ASSETS (23.4%) ............ (66,875,530)
------------
NET ASSETS 100.0%.......................................... $285,455,266
============
</Table>
Percentages are calculated as a percentage of net assets.
* Zero coupon bond
(a) Floating Rate Coupon
(b) 144A-Private Placement security which is exempt from registration under Rule
144A of the Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(c) Variable Rate Coupon
See Notes to Financial Statements 21
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
(d) IO--Interest Only
(e) Security purchased on a when-issued, delayed delivery or forward commitment
basis.
(f) All or a portion of this security has been physically segregated in
connection with open futures contracts.
REMIC--Real Estate Mortgage Investment Conduits
TBA--To be announced, maturity date has not yet been established. Upon
settlement and delivery of the mortgage pools, maturity dates will be assigned.
Currency Abbreviations:
ARS--Argentine pese
MXN--Mexican peso
FUTURES CONTRACTS OUTSTANDING AS OF FEBRUARY 29, 2008:
<Table>
<Caption>
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
LONG CONTRACTS:
EuroDollar Futures, March 2009 (Current Notional Value of
$244,325 per contract).................................... 7 $ 52,935
EuroDollar Futures, December 2008 (Current Notional Value of
$244,475 per contract).................................... 6 45,584
EuroDollar Futures, June 2008 (Current Notional Value of
$244,100 per contract).................................... 5 35,942
EuroDollar Futures, March 2008 (Current Notional Value of
$242,975 per contract).................................... 13 57,926
EuroDollar Futures, September 2008 (Current Notional Value
of $244,463 per contract)................................. 6 45,188
EuroDollar Futures, June 2009 (Current Notional Value of
$243,963 per contract).................................... 7 34,861
Interest Rate Swap 10-Year Futures, March 2008 (Current
Notional Value of $114,344 per contract).................. 205 86,882
Interest Rate Swap 10-Year Futures, June 2008 (Current
Notional Value of $113,750 per contract).................. 36 55,487
U.S. Treasury Notes 2-Year Futures, June 2008 (Current
Notional Value of $214,922 per contract).................. 295 425,893
U.S. Treasury Notes 5-Year Futures, June 2008 (Current
Notional Value of $114,250 per contract).................. 377 600,180
5-Year Swap Futures March 2008, March 2008 (Current Notional
Value of $111,969 per contract)........................... 39 73,277
</Table>
22 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
SHORT CONTRACTS:
EuroDollar Futures, December 2010 (Current Notional Value of
$240,713 per contract).................................... 1 $ (3,106)
EuroDollar Futures, September 2010 (Current Notional Value
of $241,188 per contract)................................. 2 (6,805)
EuroDollar Futures, March 2010 (Current Notional Value of
$242,275 per contract).................................... 2 (8,305)
EuroDollar Futures, December 2009 (Current Notional Value of
$242,838 per contract).................................... 2 (9,087)
EuroDollar Futures, September 2009 (Current Notional Value
of $243,450 per contract)................................. 2 (9,834)
EuroDollar Futures, June 2010 (Current Notional Value of
$241,713 per contract).................................... 2 (7,530)
U.S. Treasury Notes 10-Year Futures, March 2008 (Current
Notional Value of $118,688 per contract).................. 47 (103,209)
U.S. Treasury Bonds Futures, March 2008 (Current Notional
Value of $119,688 per contract)........................... 17 9,305
U.S. Treasury Notes 10-Year Futures, June 2008 (Current
Notional Value of $117,281 per contract).................. 325 (730,563)
U.S. Treasury Bond Futures, June 2008 (Current Notional
Value of $118,625 per contract)........................... 93 (253,339)
----- ---------
1,489 $ 391,682
========= =============
</Table>
SWAP AGREEMENTS OUTSTANDING AS OF FEBRUARY 29, 2008:
CREDIT DEFAULT SWAPS
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL
BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) PAYMENT VALUE
Bank of America, N.A.... Nordstrom, Inc. Buy 1.03% 03/20/18 $ 250 $ 0 $ 6,170
Bank of America, N.A.... Sealed Air Corporation Buy 1.08 03/20/18 75 0 1,499
Bank of America, N.A.... Sealed Air Corporation Buy 1.12 03/20/18 180 0 3,037
Bank of America, N.A.... Textron Financial 0 4,176
Corporation Buy 0.80 03/20/18 175
Citibank, N.A........... Eaton Corporation Buy 0.62 03/20/13 270 0 1,768
Citibank, N.A........... Eaton Corporation Buy 0.72 03/20/13 215 0 416
Citibank, N.A........... Eaton Corporation Buy 0.82 03/20/18 160 0 117
Credit Suisse
International.......... Arrow Electronics, Inc. Buy 1.00 03/20/15 300 0 4,962
Goldman Sachs Capital
Markets, L.P........... Avalonbay Communities, 0 0
Inc. Buy 3.05 03/20/13 310
Goldman Sachs Capital
Markets, L.P........... Coca Cola Enterprises, 0 (752)
Inc. Buy 0.59 03/20/13 625
Goldman Sachs Capital
Markets, L.P. ......... Covidien, Ltd. Buy 0.44 03/20/12 75 0 (33)
Goldman Sachs Capital
Markets, L.P. ......... Dell, Inc. Buy 0.22 03/20/12 65 0 1,139
</Table>
See Notes to Financial Statements 23
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL
BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) PAYMENT VALUE
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG 9 Sell 0.60% 12/20/12 $ 275 $(7,837) $ (12,380)
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG 9 Sell 0.80 12/20/17 595 (19,933) (25,910)
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG HVOL 9 Sell 1.40 12/20/12 570 (32,288) (43,782)
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG HVOL 9 Sell 1.40 12/20/12 595 (32,989) (45,702)
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG HVOL 9 Sell 1.40 12/20/12 1,285 (75,878) (98,702)
Goldman Sachs Capital
Markets, L.P........... Dow Jones CDX NA IG HVOL 9 Sell 1.40 12/20/12 595 560,235 (640,721)
Goldman Sachs Capital
Markets, L.P........... Eli Lilly and Company Buy 0.33 03/20/13 105 0 (17)
Goldman Sachs Capital
Markets, L.P........... Goodrich Corporation Buy 0.47 03/20/18 150 0 3,536
Goldman Sachs Capital
Markets, L.P. ......... Motorola, Inc. Buy 0.39 03/20/12 125 0 11,972
Goldman Sachs Capital
Markets, L.P........... Prologis Buy 3.33 03/20/13 185 0 0
Goldman Sachs Capital
Markets, L.P. ......... Sealed Air Corporation Buy 1.08 03/20/18 190 0 3,758
Goldman Sachs Capital
Markets, L.P........... Sealed Air Corporation Buy 1.24 03/20/18 90 0 649
Goldman Sachs Capital
Markets, L.P........... Textron Financial 0 (75)
Corporation Buy 1.05 03/20/13 295
Goldman Sachs Capital
Markets, L.P. ......... The Gap, Inc. Buy 1.08 03/20/12 125 0 (234)
Goldman Sachs Capital
Markets, L.P. ......... The Chubb Corp. Buy 0.11 03/20/12 125 0 4,612
Goldman Sachs Capital
Markets, L.P. Inc. .... The Hartford Financial 0 8,733
Services Group, Inc. Buy 0.11 03/20/17 125
Goldman Sachs Capital
Markets, L.P. ......... Trane, Inc. Buy 0.50 03/20/13 115 0 (350)
Goldman Sachs Capital
Markets, L.P. ......... Tyco International, Ltd. Buy 0.44 03/20/12 75 0 948
Goldman Sachs Capital
Markets, L.P. ......... Tyco International., Ltd. Buy 0.44 03/20/12 75 0 948
Goldman Sachs Capital
Markets, L.P. ......... Union Pacific Corp. Buy 0.26 03/20/12 65 0 1,245
JP Morgan Chase Bank,
Co. ................... Dow Jones CDX NA IG 9 Sell 0.60 12/20/12 1,445 (49,782) (63,503)
JP Morgan Chase Bank,
Co. ................... Eaton Corporation Buy 0.60 03/20/13 95 0 713
JP Morgan Chase Bank,
Co. ................... Nordstrom, Inc. Buy 1.07 03/20/18 150 0 3,185
JP Morgan Chase Bank,
Co. ................... Nordstrom, Inc. Buy 1.15 03/20/18 150 0 2,269
JP Morgan Chase Bank,
Co. ................... SLM Corporation Sell 4.95 03/20/13 175 0 (236)
</Table>
24 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL
BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) PAYMENT VALUE
JP Morgan Chase Bank,
Co. ................... The Pepsi Bottling Group,
Inc. Buy 0.63% 03/20/13 $ 220 $ 0 $ (1,129)
Lehman Brothers Special
Financing, Inc. ....... Goodrich Corporation Buy 0.45 03/20/18 175 0 4,394
Lehman Brothers Special
Financing, Inc. ....... Goodrich Corporation Buy 0.46 03/20/18 125 0 (160)
Lehman Brothers Special
Financing, Inc......... Dow Jones CDX NA IG 9 Sell 0.60 12/20/12 265 (5,817) (11,650)
Lehman Brothers Special
Financing, Inc......... Dow Jones CDX NA IG 9 Sell 0.60 12/20/12 505 (9,680) (22,202)
Merrill Lynch
International.......... SLM Corporation Sell 5.00 03/20/13 175 0 104
UBS AG.................. Eli Lilly and Company Buy 0.30 03/20/13 470 0 559
UBS AG.................. Martin Marietta Materials, 0 (798)
Inc. Buy 1.73 03/20/18 290
UBS AG.................. Martin Marietta Materials, 0 (421)
Inc. Buy 1.78 03/20/13 290
UBS AG.................. Textron Financial 0 (2,641)
Corporation Buy 1.06 03/20/13 310
UBS AG.................. Textron Financial 0 936
Corporation Buy 1.00 03/20/13 380
UBS AG.................. Textron Financial 0 241
Corporation Buy 1.01 03/20/13 100
UBS AG.................. Trane, Inc. Buy 0.60 03/20/18 350 0 (2,056)
UBS AG.................. Trane, Inc. Buy 0.50 03/20/13 335 0 (1,020)
-------- ---------
TOTAL CREDIT DEFAULT SWAPS........................................................................ $326,031 $(902,388)
======== =========
</Table>
INTEREST RATE SWAPS
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL
FLOATING FIXED EXPIRATION AMOUNT
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) VALUE
Bank of America, N.A............ USD-LIBOR BBA Pay 5.370% 02/12/18 $17,070 $ 53,600
Bank of America, N.A............ USD-LIBOR BBA Pay 5.592 02/19/18 8,670 97,104
Bank of America, N.A............ USD-LIBOR BBA Receive 5.815 02/12/23 21,925 43,631
Bank of America, N.A............ USD-LIBOR BBA Receive 6.030 02/19/23 11,175 (89,288)
Citibank, N.A................... USD-LIBOR BBA Pay 4.470 01/10/18 2,000 38,397
Citibank, N.A................... USD-LIBOR BBA Receive 4.730 12/27/17 1,425 59,241
Citibank, N.A................... USD-LIBOR BBA Receive 5.288 09/28/17 550 (55,557)
Citibank, N.A................... USD-LIBOR BBA Pay 5.333 05/22/17 750 80,085
Citibank, N.A................... USD-LIBOR BBA Pay 5.368 05/23/17 750 82,125
Citibank, N.A................... USD-LIBOR BBA Pay 5.414 05/25/17 1,725 194,611
Citibank, N.A................... USD-LIBOR BBA Pay 5.440 05/29/17 1,175 135,050
Citibank, N.A................... USD-LIBOR BBA Pay 5.020 09/11/17 450 35,505
Goldman Sachs Capital Markets,
L.P. .......................... USD-LIBOR BBA Pay 5.341 05/24/17 900 96,531
Goldman Sachs Capital Markets,
L.P. .......................... USD-LIBOR BBA Pay 5.565 02/27/18 9,295 93,136
Goldman Sachs Capital Markets,
L.P. .......................... USD-LIBOR BBA Pay 5.630 02/28/18 18,575 230,330
Goldman Sachs Capital Markets,
L.P. .......................... USD-LIBOR BBA Receive 5.960 02/27/23 11,930 71,819
</Table>
See Notes to Financial Statements 25
VAN KAMPEN CORE PLUS FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
<Table>
<Caption>
PAY/
RECEIVE NOTIONAL
FLOATING FIXED EXPIRATION AMOUNT
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) VALUE
Goldman Sachs Capital Markets,
L.P. .......................... USD-LIBOR BBA Receive 6.035% 02/28/23 $23,835 $ 193,302
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 4.242 01/22/18 2,425 (602)
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 4.476 01/08/18 1,500 29,237
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 4.519 02/19/18 3,500 79,340
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 4.621 02/22/18 3,500 114,419
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 4.968 11/06/17 40,000 3,038,553
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 5.088 09/11/17 1,100 93,127
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 5.164 09/20/17 500 45,495
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 5.233 09/27/17 500 (48,061)
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 5.253 10/11/17 600 58,757
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Receive 5.300 09/28/17 550 (56,112)
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 5.340 05/24/17 900 96,493
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 5.371 05/23/17 750 82,304
JP Morgan Chase Bank, Co. ...... USD-LIBOR BBA Pay 5.448 05/29/17 1,175 135,803
-----------
TOTAL INTEREST RATE SWAP........................................................................ 5,028,375
-----------
TOTAL SWAP AGREEMENTS........................................................................... $ 4,125,987
===========
</Table>
26 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
February 29, 2008 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $358,000,809)....................... $352,330,796
Cash........................................................ 598
Receivables:
Investments Sold.......................................... 6,303,832
Fund Shares Sold.......................................... 1,495,853
Interest.................................................. 713,360
Variation Margin on Futures............................... 356,435
Swap Contracts.............................................. 5,350,081
Other....................................................... 15,811
------------
Total Assets............................................ 366,566,766
------------
LIABILITIES:
Payables:
Investments Purchased..................................... 75,762,158
Cash Collateral........................................... 2,560,000
Fund Shares Repurchased................................... 1,303,487
Investment Advisory Fee................................... 78,371
Distributor and Affiliates................................ 49,257
Income Distributions...................................... 38,945
Swap Contracts.............................................. 1,224,094
Trustees' Deferred Compensation and Retirement Plans........ 13,221
Accrued Expenses............................................ 81,967
------------
Total Liabilities....................................... 81,111,500
------------
NET ASSETS.................................................. $285,455,266
============
NET ASSETS CONSIST OF:
Capital (Par value of $0.01 per share with an unlimited
number of shares authorized).............................. $284,731,800
Accumulated Net Realized Gain............................... 2,468,546
Accumulated Undistributed Net Investment Income............. (266,717)
Net Unrealized Depreciation................................. (1,478,363)
------------
NET ASSETS.................................................. $285,455,266
============
MAXIMUM OFFERING PRICE PER SHARE:
Class A Shares:
Net asset value and redemption price per share (Based on
net assets of $93,348,819 and 9,178,780 shares of
beneficial interest issued and outstanding)............. $ 10.17
Maximum sales charge (4.75%* of offering price)......... 0.51
------------
Maximum offering price to public........................ $ 10.68
============
Class B Shares:
Net asset value and offering price per share (Based on
net assets of $7,917,916 and 782,181 shares of
beneficial interest issued and outstanding)............. $ 10.12
============
Class C Shares:
Net asset value and offering price per share (Based on
net assets of $26,994,768 and 2,671,233 shares of
beneficial interest issued and outstanding)............. $ 10.11
============
Class I Shares:
Net asset value and offering price per share (Based on
net assets of $157,193,763 and 15,451,722 shares of
beneficial interest issued and outstanding)............. $ 10.17
============
</Table>
* On sales of $100,000 or more, the sales charge will be reduced.
See Notes to Financial Statements 27
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended February 29, 2008 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 4,097,416
-----------
EXPENSES:
Investment Advisory Fee..................................... 286,385
Offering Cost............................................... 120,491
Distribution (12b-1) and Service Fees
Class A................................................... 55,078
Class B................................................... 15,283
Class C................................................... 28,726
Transfer Agent Fees......................................... 19,249
Registration Fees........................................... 71,629
Accounting and Administrative Expenses...................... 36,548
Professional Fees........................................... 33,665
Custody..................................................... 28,961
Reports to Shareholders..................................... 18,756
Trustees' Fees and Related Expenses......................... 10,502
Other....................................................... 10,668
-----------
Total Expenses.......................................... 735,941
Expense Reduction....................................... 250,518
Less Credits Earned on Cash Balances.................... 4,489
-----------
Net Expenses............................................ 480,934
-----------
NET INVESTMENT INCOME....................................... $ 3,616,482
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Realized Gain/Loss:
Futures................................................... $ 1,904,195
Investments............................................... 703,118
Swap Contracts............................................ 77,919
Foreign Currency Transactions............................. (23)
-----------
Net Realized Gain........................................... 2,685,209
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... (138,769)
-----------
End of the Period:
Swap Contracts.......................................... 3,799,956
Futures................................................. 391,682
Foreign Currency Translation............................ 12
Investments............................................. (5,670,013)
-----------
(1,478,363)
-----------
Net Unrealized Depreciation During the Period............... (1,339,594)
-----------
NET REALIZED AND UNREALIZED GAIN............................ $ 1,345,615
===========
NET INCREASE IN NET ASSETS FROM OPERATIONS.................. $ 4,962,097
===========
</Table>
28 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE PERIOD
JANUARY 26, 2007
FOR THE (COMMENCEMENT OF
SIX MONTHS ENDED OPERATIONS) TO
FEBRUARY 29, 2008 AUGUST 31, 2007
-------------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................ $ 3,616,482 $ 1,024,139
Net Realized Gain/Loss............................... 2,685,209 (163,697)
Net Unrealized Depreciation During the Period........ (1,339,594) (138,769)
------------ ------------
Change in Net Assets from Operations................. 4,962,097 721,673
------------ ------------
Distributions from Net Investment Income:
Class A Shares..................................... (1,173,488) (364,139)
Class B Shares..................................... (79,845) (130,325)
Class C Shares..................................... (205,244) (132,799)
Class I Shares..................................... (2,795,767) (176,006)
------------ ------------
(4,254,344) (803,269)
------------ ------------
Distributions from Net Realized Gain:
Class A Shares..................................... (11,806) -0-
Class B Shares..................................... (718) -0-
Class C Shares..................................... (2,043) -0-
Class I Shares..................................... (41,592) -0-
------------ ------------
(56,159) -0-
------------ ------------
Total Distributions.................................. (4,310,503) (803,269)
------------ ------------
NET CHANGE IN NET ASSETS FROM INVESTMENT
ACTIVITIES......................................... 651,594 (81,596)
------------ ------------
FROM CAPITAL TRANSACTIONS:
Proceeds from Shares Sold............................ 307,047,552 53,440,447
Net Asset Value of Shares Issued Through Dividend
Reinvestment....................................... 4,154,941 218,314
Cost of Shares Repurchased........................... (64,150,934) (15,825,052)
------------ ------------
NET CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS... 247,051,559 37,833,709
------------ ------------
TOTAL INCREASE IN NET ASSETS......................... 247,703,153 37,752,113
NET ASSETS:
Beginning of the Period.............................. 37,752,113 -0-
------------ ------------
End of the Period (Including accumulated
undistributed net investment income of $(266,717)
and $371,145, respectively)........................ $285,455,266 $ 37,752,113
============ ============
</Table>
See Notes to Financial Statements 29
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS JANUARY 26, 2007
ENDED (COMMENCEMENT OF
CLASS A SHARES FEBRUARY 29, OPERATIONS) TO
2008 AUGUST 31, 2007
--------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................... $ 9.98 $10.00
------ ------
Net Investment Income (a)................................ 0.24 0.36
Net Realized and Unrealized Gain/Loss.................... 0.22 (0.10)
------ ------
Total from Investment Operations........................... 0.46 0.26
Less:
Distributions from Net Investment Income................. 0.27 0.28
------ ------
NET ASSET VALUE, END OF THE PERIOD......................... $10.17 $ 9.98
====== ======
Total Return* (b).......................................... 4.63%** 2.62%**
Net Assets at End of the Period (In millions).............. $ 93.3 $ 28.7
Ratio of Expenses to Average Net Assets*................... 0.75%(c) 0.75%
Ratio of Net Investment Income to Average Net Assets*...... 4.88% 6.10%
Portfolio Turnover......................................... 258%** 91%**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would
have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets................. 1.32%(c) 2.08%
Ratio of Net Investment Income to Average Net Assets.... 4.31% 4.78%
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum sales charge of 4.75% or contingent deferred
sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be
imposed on certain redemptions made within eighteen months of purchase. If
the sales charges were included, total returns would be lower. These returns
include combined Rule 12b-1 fees and service fees of up to .25% and do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
(c) The Ratio of Expenses to Average Net Assets does not reflect credits earned
on cash balances. If these credits were reflected as a reduction of
expenses, the ratio would decrease by .01%.
30 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS JANUARY 26, 2007
ENDED (COMMENCEMENT OF
CLASS B SHARES FEBRUARY 29, OPERATIONS) TO
2008 AUGUST 31, 2007
--------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD.................... $ 9.99 $10.00
------ ------
Net Investment Income (a)................................. 0.20 0.30
Net Realized and Unrealized Gain/Loss..................... 0.22 (0.07)
------ ------
Total from Investment Operations............................ 0.42 0.23
Less:
Distributions from Net Investment Income.................. 0.29 0.24
------ ------
NET ASSET VALUE, END OF THE PERIOD.......................... $10.12 $ 9.99
====== ======
Total Return* (b)........................................... 4.23%** 2.35%**(c)
Net Assets at End of the Period (In millions)............... $ 7.9 $ 1.5
Ratio of Expenses to Average Net Assets* (d)................ 1.50% 1.28%(c)
Ratio of Net Investment Income to Average Net Assets*....... 4.11% 5.14%(c)
Portfolio Turnover.......................................... 258%** 91%**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would
have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (d).............. 2.02% 2.68%(c)
Ratio of Net Investment Income to Average Net Assets..... 3.59% 3.74%(c)
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum CDSC of 4.00%, charged on certain redemptions
made within one year of purchase and declining to 0% after the fifth year.
If the sales charges were included, total returns would be lower. These
returns include combined Rule 12b-1 fees and service fees of up to 1% and do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
(c) The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net
Investment Income to Average Net Assets reflect actual 12b-1 fees of less
than 1% (See footnote 8).
(d) The Ratio of Expenses to Average Net Assets does not reflect credits earned
on cash balances. If these credits were reflected as a reduction of
expenses, the ratio would decrease by .01% and .03% for the six months ended
February 29, 2008 and the period ended August 31, 2007, respectively.
See Notes to Financial Statements 31
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS JANUARY 26, 2007
ENDED (COMMENCEMENT OF
CLASS C SHARES FEBRUARY 29, OPERATIONS) TO
2008 AUGUST 31, 2007
---------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................... $10.01 $10.00
------ ------
Net Investment Income (a)................................ 0.20 0.31
Net Realized and Unrealized Gain/Loss.................... 0.24 (0.05)
------ ------
Total from Investment Operations........................... 0.44 0.26
Less:
Distributions from Net Investment Income................. 0.34 0.25
------ ------
NET ASSET VALUE, END OF THE PERIOD......................... $10.11 $10.01
====== ======
Total Return* (b) (c)...................................... 4.49%** 2.61%**
Net Assets at End of the Period (In millions).............. $ 27.0 $ 2.0
Ratio of Expenses to Average Net Assets* (c) (d)........... 1.27% 1.12%
Ratio of Net Investment Income to Average Net Assets*
(c)...................................................... 4.16% 5.31%
Portfolio Turnover......................................... 258%** 91%**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would
have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets (c) (d)......... 1.66% 2.52%
Ratio of Net Investment Income to Average Net Assets
(c)................................................... 3.77% 3.92%
</Table>
** Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum CDSC of 1%, charged on certain redemptions
made within one year of purchase. If the sales charge was included, total
returns would be lower. These returns include combined Rule 12b-1 fees and
service fees of up to 1% and do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption on Fund
shares.
(c) The Total Return, Ratio of Expenses to Average Net Assets and Ratio of Net
Investment Income to Average Net Assets reflect actual 12b-1 fees of less
than 1% (See footnote 8).
(d) The Ratio of Expenses to Average Net Assets does not reflect credits earned
on cash balances. If these credits were reflected as a reduction of
expenses, the ratio would decrease by .01% and .03% for the six months ended
February 29, 2008 and the period ended August 31, 2007, respectively.
32 See Notes to Financial Statements
VAN KAMPEN CORE PLUS FIXED INCOME FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS JANUARY 26, 2007
ENDED (COMMENCEMENT OF
CLASS I SHARES FEBRUARY 29, OPERATIONS) TO
2008 AUGUST 31, 2007
--------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD................... $ 9.98 $10.00
------ ------
Net Investment Income (a)................................ 0.24 0.36
Net Realized and Unrealized Gain/Loss.................... 0.23 (0.09)
------ ------
Total from Investment Operations........................... 0.47 0.27
Less:
Distributions from Net Investment Income................. 0.28 0.29
------ ------
NET ASSET VALUE, END OF THE PERIOD......................... $10.17 $ 9.98
====== ======
Total Return* (b).......................................... 4.76%** 2.77%**
Net Assets at End of the Period (In millions).............. $157.2 $ 5.6
Ratio of Expenses to Average Net Assets*................... 0.50% 0.52%(c)
Ratio of Net Investment Income to Average Net Assets*...... 4.74% 6.07%
Portfolio Turnover......................................... 258%** 91%**
* If certain expenses had not been voluntarily assumed by Van Kampen, total return would
have been lower and the ratios would have been as follows:
Ratio of Expenses to Average Net Assets................. 0.71% 1.91%(c)
Ratio of Net Investment Income to Average Net Assets.... 4.53% 4.68%
</Table>
** Not-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period. These returns do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
(c) The Ratio of Expenses to Average Net Assets does not reflect credits earned
on cash balances. If these credits were reflected as a reduction of
expenses, the ratio would decrease by .02% for the period ended August 31,
2007.
See Notes to Financial Statements 33
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Van Kampen Core Plus Fixed Income Fund (the "Fund") is organized as a
diversified series of the Van Kampen Trust (the "Trust"), a Delaware statutory
trust, and is registered as a diversified, open-end management investment
company under the Investment Company Act of 1940 (the "1940 Act"), as amended.
The Fund's investment objective is to seek total return. The Fund invests
primarily in a diversified mix of U.S. dollar denominated investment grade fixed
income securities, particularly in U.S. government, corporate and mortgage
securities. The Fund commenced operations on January 26, 2007. The Fund offers
Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Each class
of shares differs by its initial sales load, contingent deferred sales charges,
the allocation of class-specific expenses and voting rights on matters affecting
a single class. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
A. SECURITY VALUATION Fixed income investments are stated at value using market
quotations or indications of value obtained from an independent pricing service.
Investments in securities listed on a securities exchange are valued at their
last sale price as of the close of such securities exchange. Listed and unlisted
securities for which the last sale price is not available are valued at the mean
of the last reported bid and asked prices. For those securities where quotations
or prices are not readily available as noted above, valuations are determined in
accordance with procedures established in good faith by the Board of Trustees.
Options are valued at the last sale price. Futures contracts are valued at the
settlement price established each day on the exchange on which they are traded.
Swaps are valued using market quotations obtained from brokers. Short-term
securities with remaining maturities of 60 days or less are valued at amortized
cost, which approximates market value.
B. SECURITY TRANSACTION Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis. The
Fund may invest in repurchase agreements, which are short-term investments in
which the Fund acquires ownership of a debt security and the seller agrees to
repurchase the security at a future time and specified price. The Fund may
invest independently in repurchase agreements, or transfer uninvested cash
balances into a pooled cash account along with other investment companies
advised by Van Kampen Asset Management (the "Adviser") or its affiliates, the
daily aggregate of which is invested in repurchase agreements. Repurchase
agreements are fully collateralized by the underlying debt security. The Fund
will make payment for such securities only upon physical delivery or evidence of
book entry transfer to the account of the custodian bank. The seller is required
to maintain the value of the underlying security at not less than the repurchase
proceeds due the Fund. The Fund may purchase and sell securities on a
"when-issued", "delayed delivery" or "forward commitment" basis, with settlement
to occur at a later date. The value of the security so purchased is subject to
market fluctuations during this period. The Fund will segregate assets with the
custodian having an
34
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
aggregate value at least equal to the amount of the when-issued, delayed
delivery or forward purchase commitments until payment is made. At February 29,
2008, the Fund had $68,835,746 of when-issued, delayed delivery or forward
purchase commitments.
C. INCOME AND EXPENSES Interest income is recorded on an accrual basis.
Discounts on debt securities purchased are accreted and premiums are amortized
over the expected life of each applicable security. Income and expenses of the
Fund are allocated on a pro rata basis to each class of shares, except for
distribution and service fees and incremental transfer agency costs which are
unique to each class of shares.
D. FEDERAL INCOME TAXES It is the Fund's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required. The
Fund adopted the provisions of the Financial Accounting Standards Board's (FASB)
Interpretation No. 48 ("Fin 48") Accounting for Uncertainly in Income Taxes, on
August 31, 2007. FIN 48 sets forth a minimum threshold for financial statement
recognition of the benefit of a tax position taken or expected to be taken in a
tax return. The implementation of FIN 48 did not result in any unrecognized tax
benefits in the accompanying financial statements. If applicable, the Fund
recognizes interest accrued related to unrecognized tax benefits in "Interest
Expense" and penalties in "Other" expenses on the Statement of Operations. The
Fund files tax returns with the U.S. Internal Revenue Service and (New York, if
applicable) various states.
At February 29, 2008, the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $358,114,166
============
Gross tax unrealized appreciation........................... $ 2,101,045
Gross tax unrealized depreciation........................... (7,885,160)
------------
Net tax unrealized depreciation on investments.............. $ (5,784,115)
============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Fund declares daily and pays monthly
dividends from net investment income. Net realized gains, if any, are
distributed at least annually.
The tax character of distributions paid during the period ended August 31,
2007 were as follows:
<Table>
Distributions paid from:
Ordinary income............................................. $756,016
</Table>
As of August 31, 2007, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $431,791
Undistributed long-term capital gain........................ 48,626
</Table>
Net realized gains or losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses relating to wash sale
transactions and gains and losses recognized for tax purposes on open futures
transactions on August 31, 2007.
35
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
F. OFFERING COSTS Offering costs are amortized, on a straight-line basis, over a
twelve month period.
G. CREDITS EARNED ON CASH BALANCES During the six months ended February 29,
2008, the Fund's custody fee was reduced by $4,489 as a result of credits earned
on cash balances.
H. FOREIGN CURRENCY TRANSLATION Assets and liabilities denominated in foreign
currencies and commitments under forward currency contracts are translated into
U.S. dollars at the mean of the quoted bid and asked prices of such currencies
against the U.S. dollar. Purchases and sales of portfolio securities are
translated at the rate of exchange prevailing when such securities were acquired
or sold. Realized gain and loss on foreign currency transactions on the
Statement of Operations includes the net realized amount from the sale of
foreign currency, the amount realized between trade date and settlement date on
securities transactions and the foreign currency portion of gain and losses on
the sale of securities. Income and expenses are translated at rates prevailing
when accrued.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Fund's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Fund for an annual fee payable
monthly as follows:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS % PER ANNUM
First $1 billion............................................ .375%
Over $1 billion............................................. .300%
</Table>
The Fund's Adviser is currently waiving or reimbursing all or a portion of
the Fund's advisory fees or other expenses. This resulted in net expense ratios
of 0.75%, 1.50%, 1.27% and 0.50% for Classes A, B, C and I Shares, respectively.
The fee waivers or expense reimbursements are voluntary and can be discontinued
at any time. For the six months ended February 29, 2008, the Adviser waived or
reimbursed approximately $250,500 of advisory fees or other expenses.
For the six months ended February 29, 2008, the Fund recognized expenses of
approximately $800 representing legal services provided by Skadden, Arps, Slate,
Meagher & Flom LLP, of which a trustee of the Fund is a partner of such firm and
he and his law firm provide legal services as legal counsel to the Fund.
Under separate Legal Services, Accounting Services and Chief Compliance
Officer (CCO) Employment agreements, the Adviser provides accounting and legal
services and the CCO provides compliance services to the Fund. The costs of
these services are allocated to each fund. For the six months ended February 29,
2008, the Fund recognized expenses of approximately $30,100 representing Van
Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting and legal services to the Fund, as well as the salary,
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Legal Services agreement are reported
as part of "Professional Fees" expenses on the Statement of Operations. Services
provided pursuant to the Accounting Services and CCO Employment agreement are
reported as part of "Accounting and Administrative Expenses" on the Statement of
Operations.
Van Kampen Investor Services Inc. (VKIS), an affiliate of the Adviser,
serves as the shareholder servicing agent for the Fund. For the six months ended
February 29, 2008 the
36
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
Fund recognized expenses of approximately $17,200 representing transfer agency
fees paid to VKIS. Transfer agency fees are determined through negotiations with
the Fund's Board of Trustees.
Certain officers and trustees of the Fund are also officers and trustees of
Van Kampen. The Fund does not compensate its officers or trustees who are also
officers of Van Kampen.
The Fund provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation.
Amounts deferred are retained by the Fund and, to the extent permitted by the
1940 Act, as amended, may be invested in the common shares of those funds
selected by the trustees. Investments in such funds of $3,041 are included in
"Other" assets on the Statement of Assets and Liabilities at February 29, 2008.
Appreciation/depreciation and distributions received from these investments are
recorded with an offsetting increase/decrease in the deferred compensation
obligation and do not affect the net asset value of the Fund. Benefits under the
retirement plan are payable upon retirement for a ten-year period and are based
upon each trustee's years of service to the Fund. The maximum annual benefit per
trustee under the plan is $2,500.
For the six months ended February 29, 2008, Van Kampen, as Distributor for
the Fund, received commissions on sales of the Fund's Class A Shares of
approximately $73,300 and contingent deferred sales charge (CDSC) on redeemed
shares of approximately $13,700. Sales charges do not represent expenses of the
Fund.
37
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
3. CAPITAL TRANSACTIONS
For the six months ended February 29, 2008 and the period ended August 31, 2007,
transactions were as follows:
<Table>
<Caption>
JANUARY 26, 2007
FOR THE (COMMENCEMENT OF
SIX MONTHS ENDED OPERATIONS) TO
FEBRUARY 29, 2008 AUGUST 31, 2007
-------------------------- --------------------------
SHARES VALUE SHARES VALUE
Sales:
Class A........................... 7,448,824 $ 76,246,961 3,061,981 $ 30,559,200
Class B........................... 682,174 6,968,759 779,988 7,798,144
Class C........................... 2,602,010 26,480,002 820,289 8,202,347
Class I........................... 19,464,035 197,351,830 688,329 6,880,756
---------- ------------ ---------- ------------
Total Sales......................... 30,197,043 $307,047,552 5,350,587 $ 53,440,447
========== ============ ========== ============
Dividend Reinvestment:
Class A........................... 107,068 $ 1,092,165 18,914 $ 188,576
Class B........................... 7,480 75,793 1,155 11,534
Class C........................... 15,606 158,025 1,432 14,317
Class I........................... 276,251 2,828,958 389 3,887
---------- ------------ ---------- ------------
Total Dividend Reinvestment......... 406,405 $ 4,154,941 21,890 $ 218,314
========== ============ ========== ============
Repurchases:
Class A........................... (1,249,498) $(12,606,863) (208,509) $ (2,072,235)
Class B........................... (58,800) (596,137) (629,816) (6,269,206)
Class C........................... (142,234) (1,439,900) (625,870) (6,232,311)
Class I........................... (4,851,016) (49,508,034) (126,266) (1,251,300)
---------- ------------ ---------- ------------
Total Repurchases................... (6,301,548) $(64,150,934) (1,590,461) $(15,825,052)
========== ============ ========== ============
</Table>
4. REDEMPTION FEE
The Fund will assess a 2% redemption fee on the proceeds of Fund shares that are
redeemed (either by sale or exchange) within seven days of purchase. The
redemption fee is paid directly to the Fund and allocated on a pro rata basis to
each class of shares. For the six months ended February 29, 2008, the Fund
received redemption fees of approximately $1,200, which are reported as part of
"Cost of Shares Repurchased" on the Statement of Changes in Net Assets. The per
share impact from redemption fees paid to the Fund was less than $0.01.
5. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments and U.S. Government securities, were
$106,494,387 and $951,054, respectively. The cost of purchases and proceeds from
sales of long-term U.S. Government securities, including paydowns on
mortgage-backed securities, for the period were $426,645,933 and $308,799,804,
respectively.
38
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
6. MORTGAGE BACKED SECURITIES
The Fund may invest in various types of Mortgage Backed Securities. A Mortgage
Backed Security (MBS) is a pass-through security created by pooling mortgages
and selling participations in the principal and interest payments received from
borrowers. Some of these securities are guaranteed by federally sponsored
agencies--Government National Mortgage Association (GNMA), Federal National
Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC).
GNMA is a wholly owned corporate instrumentality of the United States whose
securities and guarantees are backed by the full faith and credit of the United
States. FNMA, a federally chartered and privately owned corporation, and FHLMC,
a federal corporation, are instrumentalities of the United States. The
securities and guarantees of FNMA and FHLMC are not backed, directly or
indirectly, by the full faith and credit of United States. A Collateralized
Mortgage Obligation (CMO) is a bond, which is collateralized by a pool of MBS's.
These securities derive their value from or represent interests in a pool of
mortgages, or mortgage securities. Mortgage securities are subject to prepayment
risk--the risk that, as mortgage interest rates fall, borrowers will refinance
and "prepay" principal. A fund holding mortgage securities that are experiencing
prepayments may have to reinvest these payments at lower prevailing interest
rates. On the other hand, when interest rates rise, borrowers are less likely to
refinance resulting in lower prepayments. This can effectively extend the
maturity of a fund's mortgage securities resulting in greater price volatility.
It can be difficult to measure precisely the remaining life of a mortgage
security or the average life of a portfolio of such securities.
To the extent a fund invests in mortgage securities offered by
non-governmental issuers, such as commercial banks, savings and loan
institutions, private mortgage insurance companies, mortgage bankers and other
secondary market issuers, the Fund may be subject to additional risks. Timely
payment of interest and principal of non-governmental issuers are supported by
various forms of private insurance or guarantees, including individual loan,
title, pool and hazard insurance purchased by the issuer. There can be no
assurance that the private insurers can meet their obligations under the
policies.
An unexpectedly high rate of defaults on the mortgages held by a mortgage
pool may adversely affect the value of a mortgage backed security and could
result in losses to a Fund. The risk of such defaults is generally higher in the
case of mortgage pools that include subprime mortgages. Subprime mortgages refer
to loans made to borrowers with weakened credit histories or with a lower
capacity to make timely payment on their mortgages.
7. DERIVATIVE FINANCIAL INSTRUMENTS
A derivative financial instrument in very general terms refers to a security
whose value is "derived" from the value of an underlying asset, reference rate
or index.
The Fund may use derivative instruments for a variety of reasons, such as to
attempt to protect the Fund against possible changes in the market value of its
portfolio or to generate potential gain. All of the Fund's portfolio holdings,
including derivative instruments, are marked to market each day with the change
in value reflected in unrealized appreciation/depreciation. Upon disposition, a
realized gain or loss is recognized accordingly, except when exercising an
options contract or taking delivery of a security underlying a futures contract.
In these instances, the recognition of gain or loss is postponed until the
disposal of security underlying the options or futures contract. Risks may arise
as a result of the potential inability of the counterparties to meet the terms
of their contracts. Summarized below are the specific types of derivative
financial instruments used by the Fund.
39
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery
of a particular asset on a specified future date at an agreed upon price. The
Fund generally invests in futures on U.S. Treasury Bonds or Notes. Upon entering
into futures contracts, the Fund maintains an amount of cash or liquid
securities with a value equal to a percentage of the contract amount with either
a futures commission merchant pursuant to rules and regulations promulgated
under the 1940 Act, as amended, or with its custodian in an account in the
broker's name. This amount is known as initial margin. During the period the
futures contract is open, payments are received from or made to the broker based
upon changes in the value of the contract (the variation margin). The risk of
loss associated with a futures contract is in excess of the variation margin
reflected on the Statement of Assets and Liabilities.
Transactions in futures contracts for the six months ended February 29,
2008, were as follows:
<Table>
<Caption>
CONTRACTS
Outstanding at August 31, 2007.............................. 211
Futures Opened.............................................. 4,057
Futures Closed.............................................. (2,779)
------
Outstanding at February 29, 2008............................ 1,489
======
</Table>
B. PURCHASED OPTION CONTRACTS An option contract gives the buyer the right, but
not the obligation to buy (call) or sell (put) an underlying item at a fixed
exercise (strike) price during a specified period. The Fund may purchase put and
call options. Purchasing call options tends to increase the Fund's exposure to
the underlying (or similar) instrument. Purchasing put options tends to decrease
the Fund's exposure to the underlying (or similar) instrument. The risk
associated with purchasing put and call options is limited to the premium paid.
Purchased options are reported as part of "Total Investments" on the Statement
of Assets and Liabilities. Premiums paid for purchasing options which expire are
treated as realized losses.
C. SWAP CONTRACTS The Fund may enter into credit default swap contracts for
hedging purposes or to gain exposure to a credit in which the Fund may otherwise
invest. A credit default swap is an agreement between two parties to exchange
the credit risk of an issuer. A buyer of a credit default swap is said to buy
protection by paying periodic fees in return for a contingent payment from the
seller if the issuer has a credit event such as bankruptcy, a failure to pay
outstanding obligations or deteriorating credit while the swap is outstanding. A
seller of a credit default swap is said to sell protection and thus collects the
periodic fees and profits if the credit of the issuer remains stable or improves
while the swap is outstanding but the seller in a credit default swap contract
would be required to pay an agreed-upon amount, which approximates the notional
amount of the swap as disclosed in the table following the Portfolio of
Investments, to the buyer in the event of an adverse credit event of the issuer.
The Fund accrues for the periodic fees on credit default swaps on a daily basis
with the net amount accrued recorded within unrealized appreciation/depreciation
of swap contracts. Upon cash settlement of the periodic fees, the net amount is
recorded as realized gain/loss on swap contracts on the Statement of Operations.
Net unrealized gains are recorded as an asset or net unrealized losses are
reported as a liability on the Statement of Assets and Liabilities.
40
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
The change in value of the swap contracts is reported as unrealized gains or
losses on the Statement of Operations. Payments received or made upon entering
into a credit default swap contract, if any, are recorded as realized gain or
loss on the Statement of Operations upon termination or maturity of the swap.
Credit default swaps may involve greater risks than if a Fund had invested in
the issuer directly. Credit default swaps are subject to general market risk,
counterparty risk and credit risk.
The Fund may also enter into interest rate swaps primarily to preserve a
return or spread on a particular investment or portion of its portfolio, as a
duration management technique or to protect against any increase in the price of
securities the Fund anticipates purchasing at a later date. Interest rate swaps
are contractual agreements to exchange periodic interest payment streams
calculated on a predetermined notional principal amount. Interest rate swaps
generally involve one party paying a fixed interest rate and the other party
paying a variable rate. The Fund will usually enter into interest rate swaps on
a net basis, i.e., the two payment streams are netted out in a cash settlement
on the payment date or dates specified in the instrument, with the Fund
receiving or paying, as the case may be, only the net amount of the two
payments. The Fund accrues the net amount with respect to each interest rate
swap on a daily basis. This net amount is recorded within unrealized
appreciation/depreciation on swap contracts. Upon cash settlement of the
periodic payments, the net amount is recorded as realized gain/loss on swap
contracts on the Statement of Operations. Risks may arise as a result of the
potential inability of the counterparties to meet the terms of their contracts.
If there is a default by the counterparty to a swap agreement, the Fund will
have contractual remedies pursuant to the agreements related to the transaction.
Counterparties are required to pledge collateral daily (based on the valuation
of each swap) on behalf of the Fund with a value approximately equal to the
amount of any unrealized gain. Cash collateral, when received by the Fund, is
recorded with an offsetting liability shown on the Statement of Assets and
Liabilities. Reciprocally, when the Fund has an unrealized loss on a swap
contract, the Fund has instructed the custodian to pledge cash or liquid
securities as collateral with a value approximately equal to the amount of the
unrealized loss. Collateral pledges are monitored and subsequently adjusted if
and when the swap valuations fluctuate. Restricted cash, if any, for segregating
purposes is shown on the Statement of Assets and Liabilities.
8. DISTRIBUTION AND SERVICE PLANS
Shares of the Fund are distributed by Van Kampen Funds Inc. (the "Distributor"),
an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant
to Rule 12b-1 under the 1940 Act, as amended, and a service plan (collectively,
the "Plans") for Class A Shares, Class B Shares and Class C Shares to compensate
the Distributor for the sale, distribution, shareholder servicing and
maintenance of shareholder accounts for these shares. Under the Plans, the Fund
will incur annual fees of up to .25% of Class A average daily net assets and up
to 1.00% each of Class B and Class C average daily net assets. These fees are
accrued daily and paid to the Distributor monthly.
The amount of distribution expenses incurred by the Distributor and not yet
reimbursed ("unreimbursed receivable") was approximately $45,200 and $36,600 for
Class B and Class C Shares, respectively. These amounts may be recovered from
future payments under the distribution plan or CDSC. To the extent the
unreimbursed receivable has been fully recovered, the distribution fee is
reduced.
41
VAN KAMPEN CORE PLUS FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 29, 2008 (UNAUDITED) continued
9. INDEMNIFICATIONS
The Fund enters into contracts that contain a variety of indemnifications. The
Fund's maximum exposure under these arrangements is unknown. However, the Fund
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
10. ACCOUNTING PRONOUNCEMENT
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. As of February 29, 2008, the Adviser does not believe the adoption
of SFAS 157 will impact the amounts reported in the financial statements,
however, additional disclosures will be required about the inputs used to
develop the measurements of fair value and the effect of certain measurements
reported on the Statement of Operations for a fiscal period.
42
VAN KAMPEN CORE PLUS FIXED INCOME FUND
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
DENNIS SHEA
Vice President
J. DAVID GERMANY
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
STUART N. SCHULDT
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
522 Fifth Avenue
New York, New York 10036
DISTRIBUTOR
VAN KAMPEN FUNDS INC.
522 Fifth Avenue
New York, New York 10036
SHAREHOLDER SERVICING AGENT
VAN KAMPEN INVESTOR SERVICES INC.
P.O. Box 219286
Kansas City, Missouri 64121-9286
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
ERNST & YOUNG LLP
233 South Wacker Drive
Chicago, Illinois 60606-4301
* "Interested persons" of the Fund, as defined in the Investment Company Act
of 1940, as amended.
43
Van Kampen Core Plus Fixed Income Fund
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Core Plus Fixed Income Fund
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Core Plus Fixed Income Fund
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza - Suite 100
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2008 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
122, 222, 322, 622
CPFISAN 4/08
(VAN KAMPEN INVESTMENTS LOGO) IU08-01981P-Y02/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Fund's principal executive officer and principal financial officer have
concluded that the Fund's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Fund in this Form N-CSRS
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics -- Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: April 17, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: April 17, 2008
By: /s/ Stuart N. Schuldt
---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: April 17, 2008